There is much surprise and speculation about the reason that every single analyst in the City has been summoned to attend a crisis meeting at the Bank. Rightly so, given that this is something that just never happens!
If you ask me, if something smells like a rotten fish stuck behind the cooker, it's probably a rotten fish stuck behind the cooker. Calling in every single analyst, to schmooze them and try to ensure they all toe the Party line that "Quantative Easing is NOT money printing just the same as Zimbabwe was doing not so long ago, and none of you should say that in public again please -- now, enjoy some more of this lovely champagne and simply gorgeous blinis won't you chaps?", just won't change the fact that Quantative Easing is exactly that. I mean you don't need to think about it too hard to realise the name could not be much more explicit, what else could they possible have meant by that name than adjusting the quantity of money in the system? And that my friends, is just what Gideon Gono was doing in Zimbabwe, and the Germans were forced to do in the Weimar Republic a few decades back -- these are just a couple of high-profile examples, but there are many other examples throughout the course of fiat money history.
Only a massive confidence trick can now prevent the same results occuring here in due course. I truly hope they can keep the wool pulled over enough people's eyes, because things will be nasty if/when push comes to shove. But I don't count on it.
Wednesday, 23 September 2009
Bank of England calls a 'crisis meeting' of all City analysts
Subscribe to: Post Comments (Atom)
Post a Comment